Life insurance that provides coverage for a set period. If the insured person dies within this term, the beneficiaries receive the death benefit. If the insured outlives the term, the policy expires with no payout. Costs and availability depend on factors like age, health, and policy type. Policies include expenses such as mortality charges, and early surrender may lead to fees and tax consequences. It’s important to confirm insurability before using life insurance in financial planning. Policy guarantees rely on the insurer’s ability to pay claims.